Citigroup Inc., under the leadership of CEO Jane Fraser, has embarked on a significant restructuring effort, with potential job cuts affecting up to 10% of its workforce. 

The restructuring plan is designed to streamline the organization by reducing management layers from thirteen to eight and trimming the number of committees by about 13%. These changes are in response to regulatory pressures and a substantial fine, underscoring the need for improved processes within the bank. The restructuring commenced with the departure of chiefs of staff, managing directors, and some junior roles, with additional job reductions anticipated in February. 

This move follows a series of notable exits from Citi, including Donna Gordon, former global head of regulatory response and oversight. The restructuring aligns with Citi's broader strategy to enhance management, simplify its structure, and fortify the bank's position while ensuring compliance with regulatory standards. According to InvestmentNews, further job cuts are expected as this initiative unfolds in the coming months. 

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